Savory Glazed Pearl Onions

1 tbsp olive oil
4 c frozen pearl onions, thawed
1 1/2 c dry red wine
1/3 c balsamic vinegar
1 tbsp packed brown sugar
1 1/2 tsp dried thyme
3/4 tsp salt
3/4 tsp white pepper

In large skillet heat oil over medium heat. Add onions, cook and stir for 9-11 mins or until lightly browned. Stir in the remaining ingredients, bring to a boil. Reduce heat; simmer, covered for 20-25 mins or until onions are tender. Uncover; simmer for 8-10 mins or until the onions are glazed stirring occasionally.